SEC ends investigation into Zcash Foundation tied to 2023 crypto asset inquiry

The U.S. Securities and Exchange Commission has ended its review of the Zcash Foundation’s 2023 subpoena and will not recommend any enforcement action, the foundation said in a written statement.

The investigation was part of a broader SEC probe titled “In the Matter of Certain Crypto Asset Offerings,” focused on digital asset issuers and potential securities violations.

The Zcash Foundation said the outcome reflects its ongoing commitment to transparency and regulatory compliance. It continues to support development of privacy-preserving financial tools for the public good.

Zcash, as one of the leading privacy coins, has faced mounting scrutiny amid global debates over anonymity in crypto. That spotlight has intensified through 2025 and 2026, as regulators weigh privacy protections against anti-money-laundering enforcement across the sector.